Independence Energy Corp. Acquires Interest in Multi-Well Drill Program in Texas
April 02 2012 - 8:00AM
Marketwired
Independence Energy Corp. (OTCBB: IDNG) (the
"Company" or "Independence Energy") is pleased to announce that the
Company has acquired a 5% Working Interest in the highly
prospective MontCrest Energy Drilling Program #3 in Coleman County,
Texas (the "MontCrest Drill Program"). The MontCrest Drill Program
consists of a turnkey participation in two exploration wells
targeting multiple oil-bearing sand formations previously
productive in the region. MontCrest Energy Inc. ("MEI"), the
project operator, has significant exploration experience in the
immediate area.
The Shields-MEI #105-H Prospect Well is expected to be drilled
as a horizontal well targeting the Gardner Sandstone formation.
This is thought to be the first horizontal well permitted and
drilled in Coleman County. Project geologists expect that the well,
if successful, may have a potential 1500'+/- horizontal leg in the
Gardner Sandstone target pay zone.
The Vaughn-MEI #106 Prospect Well is expected to be drilled to
an estimated total depth of 4,650' to test a historically
productive dolomite formation, as well as five other known
formations at shallower depths. The Vaughn-MEI #106 well is
believed to be an offset continuation of a previously successful
well drilled in the area.
"The acquisition of a turnkey interest in this virtually
drill-ready exploration program gives the Company and its
shareholders the opportunity to participate in a project that we
believe has significant upside while partnered with an established
and successful local operator," stated Mr. Gregory C. Rotelli, CEO
and President of Independence Energy. "This is an ideal situation
for the Company which reduces the overall risk associated with the
project and could possibly result in a substantial near-term
increase in revenues."
The project operator is presently completing final site and
equipment preparation for the Vaughn-MEI #106 well. Drilling of
this well is expected to commence within the next three weeks.
Drilling of the Shields-MEI #105-H horizontal well is expected to
begin during the second week of May 2012.
Further updates regarding the MontCrest Drill Program and other
Independence Energy business will be made as additional information
becomes available.
About Independence Energy Corp.
Independence Energy Corp. is an oil and gas exploration and
development company focused on projects in the United States.
Independence Energy is seeking to further advance its existing
projects through development or offset drilling and to expand its
portfolio to include additional property interests in the United
States.
Some information in this document constitutes forward-looking
statements or statements which may be deemed or construed to be
forward-looking statements, such as the drilling of the Vaughn-MEI
#106 and Shields-MEI #105-H horizontal wells as well as the
potential results from such drilling. The words "plan", "forecast",
"anticipate", "estimate", "project", "intend", "expect", "should",
"believe", and similar expressions are intended to identify
forward-looking statements. These forward-looking statements
involve, and are subject to known and unknown risks, uncertainties
and other factors which could cause the Company's actual results,
performance (financial or operating) or achievements to differ from
the future results, performance (financial or operating) or
achievements expressed or implied by such forward-looking
statements. The risks, uncertainties and other factors are more
fully discussed in the Company's filings with the U.S. Securities
and Exchange Commission. All forward-looking statements
attributable to Independence Energy Corp. herein are expressly
qualified in their entirety by the above-mentioned cautionary
statement. Independence Energy Corp. disclaims any obligation to
update forward-looking statements contained in this estimate,
except as may be required by law.
For additional information, contact; LiveCall Investor Relations
for Independence Energy Corp. Mr. Gerry Belanger Investor Contact
(800) 976-4490 info@independenceenergycorp.com
www.independenceenergycorp.com
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